The E-mail Banking News
(Bank Regulatory News)

June 2018

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June 21, 2018 - OCC Reports First Quarter 2018 Bank Trading Revenue - The Office of the Comptroller of the Currency reported trading revenue of U.S. commercial banks and federal savings associations of $8.2 billion in the first quarter 2018, which was $3.2 billion, or 62.8 percent, higher than the previous quarter. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-66.html

June 20, 2018 - Navigating Pension Reform in Illinois By Rick Mattoon , Sarah Wetmore - Illinois is one of several states facing severe state and local public pension crises, but it is uniquely constrained in its ability to address the problem due to recent judicial rulings that all but prohibit pension benefit changes for current and retired public employees. www.chicagofed.org/publications/chicago-fed-letter/2018/398

June 20, 2018 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at on June 20, 2018. Matter(s) considered: Update on Comprehensive Capital Analysis and Review and Dodd-Frank Stress Tests 2018. www.federalreserve.gov/aboutthefed/boardmeetings/20180620closed.htm

June 20, 2018 - June 20, 2018 - Where’s the Money Going? The Importance of Accounting for Rent Payments in Measuring a Household’s Financial Obligations - Andrew C. Chang, Joanne W. Hsu, Sarah J. Pack, and Michael G. Palumbo - According to the Federal Reserve Board's Survey of Consumer Finances, in 2016 about 12 percent of American families' monthly income was needed to cover payments associated with the various types of debt they owed--mostly mortgages, car loans, student loans, and credit card bills. www.federalreserve.gov/econres/notes/feds-notes/importance-of-accounting-for-rent-payments-in-measuring-households-financial-obligations-20180620.htm

June 20, 2018 - Speech by Chairman Powell on monetary policy at a time of uncertainty and tight labor markets Chairman Jerome H. Powell At "Price and Wage-Setting in Advanced Economies," an ECB Forum on Central Banking, Sintra, Portugal.  www.federalreserve.gov/newsevents/speech/powell20180620a.htm
 
June 19, 2018 - NCUA - May 2018 NCUA Board Meeting Video Available - The video recording of the May 24, 2018, open meeting of the National Credit Union Administration Board is now available on the agency’s website. www.ncua.gov/newsroom/Pages/news-2018-june-may-board-meeting-available.aspx

June 19, 2018 - Regulatory Relief --Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Hawaii Affected by Volcanic Eruption and Earthquakes - The FDIC announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Hawaii affected by volcanic eruption and earthquakes. www.fdic.gov/news/news/financial/2018/fil18033.html

June 19, 2018 - How vulnerable are EME corporates? - Daniel O. Beltran and Christopher G. Collins - Nonfinancial corporate debt in emerging market economies has tripled since the global financial crisis, reaching a peak of $25 trillion (110 percent of GDP) in 2016:Q1. www.federalreserve.gov/econres/notes/ifdp-notes/how-vulnerable-are-eme-corporates-20180619.htm

June 19, 2018 - OCC Reports Mortgage Performance Unchanged - Performance of first-lien mortgages remained unchanged during the first quarter of 2018 compared with a year earlier, according to the Office of the Comptroller of the Currency’s quarterly report on mortgages. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-65.html

June 18, 2018 - Detroit Economic Activity Index - The Detroit Economic Activity Index measures growth in economic activity for the city of Detroit. The index is constructed using a mixed-frequency dynamic factor model of 23 Detroit-specific data series capturing income, employment, residential and commercial real estate activity, electric customer counts, tax revenues, and port activity. www.chicagofed.org/publications/deai/index

June 18, 2018 - NCUA Board Chairman McWatters Congratulates Rodney Hood on Board Nomination - National Credit Union Administration Board Chairman J. Mark McWatters today issued the following comment on President Donald J. Trump’s announced intention to nominate Rodney Hood to the agency’s Board: www.ncua.gov/newsroom/Pages/news-2018-june-chairman-mcwatters-congratulates-rodney-hood-board-nomination.aspx

June 18, 2018 - Sydney Menefee Named Deputy Comptroller and Chief Accountant - The Office of the Comptroller of the Currency today announced the selection of Sydney Menefee to be the agency’s next Deputy Comptroller and Chief Accountant. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-64.html

June 18, 2018 - St. Louis Economic Briefing: Globalization and International Trading Relationships - Local economists and area leaders will discuss how globalization and international trading relationships affect St. Louis-based companies and the St. Louis metropolitan area at a breakfast meeting Wednesday, June 20, at The Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2018/06/18/st-louis-economic-briefing-globalization-and-international-trading-relationships

June 18, 2018 - Statistical Release - Minority-Owned Depository Institutions.  www.federalreserve.gov/releases/mob/

June 18, 2018 - Statistical Release - Large Commercial Banks.  www.federalreserve.gov/releases/lbr/

June 18, 2018 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 1:30 p.m. on June 20, 2018. Matter(s) considered: Update on Comprehensive Capital Analysis and Review and Dodd-Frank Stress Tests 2018. www.federalreserve.gov/aboutthefed/boardmeetings/20180620closed.htm

June 15, 2018 - The Risks of Pricing New Insurance Products: The Case of Long-Term Care By Zain Mohey-Deen , Richard J. Rosen - This article examines what happens when incorrect assumptions are made in pricing new insurance products. The focus is on the mispricing of long-term care insurance—which led to the insolvency of Penn Treaty. www.chicagofed.org/publications/chicago-fed-letter/2018/397

June 15, 2018 - A Monetarist View of the Fed’s Balance Sheet Normalization Period - By Marcelo Veracierto - The Federal Reserve currently holds over $4 trillion in fixed-income assets. However, since the fall of 2017 the Fed has been in a “balance sheet normalization period,” during which the size of its balance sheet is gradually shrinking over time. www.chicagofed.org/publications/economic-perspectives/2018/2

June 15, 2018 - Community Reinvestment Act: Supervisory Policy and Processes for Community Reinvestment Act Performance Evaluations - The Office of the Comptroller of the Currency is fully committed to an effort to modernize the Community Reinvestment Act. www.occ.treas.gov/news-issuances/bulletins/2018/bulletin-2018-17.html 

June 15, 2018 - OCC Enforcement Actions and Terminations for June 2018 - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-63.html

June 15, 2018 - Federal Reserve Bulletin - Survey of Finance Companies, 2015 - Finance companies are nondepository financial firms whose primary business is providing debt and lease financing to consumers and businesses. www.federalreserve.gov/publications/2018-bulletin.htm

June 15, 2018 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

June 15, 2018 - Legal Interpretations - Bank Holding Company Act, May 17, 18, and 30, 2018 www.federalreserve.gov/supervisionreg/legalinterpretations/bhc_changeincontrol2018.htm

June 15, 2018 - On the Geographic Scope of Retail Mortgage Markets - Dean Amel, Elliot Anenberg, and Rebecca Jorgensen - Recently, a rising and elevated spread between the primary mortgage rate and the mortgage backed security yield has raised some concerns that a lack of competition in the mortgage market may be raising prices for borrowers and impeding the pass-through of monetary policy to households. www.federalreserve.gov/econres/notes/feds-notes/on-the-geographic-scope-of-retail-mortgage-markets-20180615.htm 

June 15, 2018 - Monitoring the World Economy: A Global Conditions Index - Pablo Cuba-Borda, Alexander Mechanick, and Andrea Raffo - The global financial crisis reminded academics and policymakers that the world economy is highly integrated. www.federalreserve.gov/econres/notes/ifdp-notes/monitoring-the-world-economy-a-global-conditions-index-20180615.htm

June 15, 2018 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. www.federalreserve.gov/releases/g17/Current/default.htm

June 15, 2018 - Innovation and Trade Policy in a Globalized World - Ufuk Akcgit, Sina T. Ates, and Giammario Impullitti - How do import tariffs and R&D subsidies help domestic firms compete globally? How do these policies affect aggregate growth and economic welfare? www.federalreserve.gov/econres/ifdp/files/ifdp1230.pdf

June 15, 2018 - What Macroeconomic Conditions Lead Financial Crises? - Michael T. Kiley - Research has suggested that a rapid pace of nonfinancial borrowing reliably precedes financial crises, placing the pace of debt growth at the center of frameworks for the deployment of macroprudential policies. www.federalreserve.gov/econres/feds/files/2018038pap.pdf
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June 15, 2018 - Agencies issue host state loan-to-deposit ratios - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued the host state loan-to-deposit ratios that they will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20180615a.htm
Press Release: www.fdic.gov/news/news/press/2018/pr18037.html
Press Release: www.occ.gov/news-issuances/news-releases/2018/nr-ia-2018-62.html 

June 14, 2018 - State Credit Union Data Show Positive Trends Continue in Q1 2018 - Nationally, median loan growth in federally insured credit unions was 5.0 percent during the year ending in the first quarter. Median asset growth was 2.2 percent; the median rate of growth in shares and deposits was 2.1 percent; and the median loans-to-shares ratio was 64 percent. www.ncua.gov/newsroom/Pages/news-2018-june-state-credit-union-data-show-positive-trends-first-quarter.aspx

June 14, 2018 - Open Board Meeting Memoranda - An Open Board meeting of the Board of Governors of the Federal Reserve System will be held at 2:30 p.m. on June 14, 2018. Matter(s) considered: Final rule to establish single-counterparty credit limits for large U.S. bank holding companies and foreign banking organizations and related regulatory reporting proposal. www.federalreserve.gov/aboutthefed/boardmeetings/20180614open.htm

June 14, 2018 - Federal Reserve Board approves rule to prevent concentrations of risk between large banking organizations and their counterparties from undermining financial stability - As demonstrated during the financial crisis, excessive exposure between the largest financial institutions spread contagion and eroded confidence in these institutions. www.federalreserve.gov/newsevents/pressreleases/bcreg20180614a.htm

June 14, 2018 - Federal Reserve Board approves action by the Board of Directors of the Federal Reserve Bank of New York - The Federal Reserve Board has approved action on Thursday by the Board of Directors of the Federal Reserve Bank of New York, increasing the discount rate at the Bank from 2-1/4 percent to 2-1/2 percent, effective immediately. www.federalreserve.gov/newsevents/pressreleases/monetary20180614a.htm
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June 14, 2018 - Comptroller of the Currency Discusses Priorities for the Federal Banking System - Comptroller of the Currency Joseph M. Otting today discussed his priorities for the agency and the federal banking system during testimony before the Senate Committee on Banking, Housing, and Urban Affairs. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-61.html

June 13, 2018 - Comptroller of the Currency Testifies on his Priorities - Comptroller of the Currency Joseph M. Otting today discussed his priorities for the agency and the federal banking system during testimony before the House Financial Services Committee. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-60.html

June 13, 2018 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at on June 12, 2018 and continued at 9:00 a.m. on June 13, 2018. Matter(s) considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/recentpostings.htm

June 13, 2018 - Federal Reserve Board announces approval of application by Ameris Bancorp - The Federal Reserve Board on Wednesday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by Ameris Bancorp, Moultrie, Georgia, to acquire Hamilton State Bancshares, Inc., and thereby indirectly acquire Hamilton's subsidiary bank, Hamilton State Bank, both of Hoschton, Georgia. www.federalreserve.gov/newsevents/pressreleases/orders20180613a.htm

June 13, 2018 - Federal Reserve Board and Federal Open Market Committee release economic projections from the June 12-13 FOMC meeting - The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Open Market Committee participants for the June 12-13 meeting. www.federalreserve.gov/newsevents/pressreleases/monetary20180613b.htm

June 13, 2018 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in May indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate. www.federalreserve.gov/newsevents/pressreleases/monetary20180613a.htm

June 12, 2018 - Interagency Notification of Formal Enforcement Actions: Interagency Policy Statement - The Federal Financial Institutions Examination Council today rescinded its revised policy statement on “Interagency Coordination of Formal Corrective Action by the Federal Bank Regulatory Agencies,” dated February 20, 1997.  www.occ.treas.gov/news-issuances/bulletins/2018/bulletin-2018-16.html

June 12, 2018 - Federal Reserve Board issues enforcement action with Ashley Burrus and announces termination of enforcement action with Patterson Bankshares, Inc. www.federalreserve.gov/newsevents/pressreleases/enforcement20180612a.htm

June 8, 2018 - The KCFSI suggests financial stress remains muted - The Kansas City Financial Stress Index decreased from -0.37 in April to -0.54 in May. www.kansascityfed.org/~/media/files/publicat/research/indicatorsdata/kcfsi/2018/06-2018/kcfsi_0518.pdf

June 8, 2018 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 1:00 p.m. on June 12, 2018. Matter(s) considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20180612closed.htm

June 8, 2018 - Credit and Liquidity Programs and the Balance Sheet- Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

June 8, 2018 - Publications - Annual Performance Report 2017 - The Government Performance and Results Act of 1993 requires federal agencies to prepare a strategic plan covering a multiyear period and requires each agency to submit an annual performance plan and an annual performance report. www.federalreserve.gov/publications/gpra.htm

June 7, 2018 - T+2 Securities Transaction Settlement Cycle: Final Rule - The Office of the Comptroller of the Currency published a final rule in the Federal Register to shorten the standard settlement cycle for securities purchased or sold by national banks, federal savings associations, and federal branches and agencies. www.occ.treas.gov/news-issuances/bulletins/2018/bulletin-2018-15.html 

June 7, 2018 - Newly Formed Money Smart Advance Team Will Get Early Access to, Training on, Updated Money Smart for Adults - The FDIC has formed the new Money Smart Advance Team. Banks that engage in financial education activities, or plan to do so, and who join the MSAT will get an early look at the updated instructor-led Money Smart for Adults curriculum, scheduled for release in September, and other benefits. www.fdic.gov/news/news/financial/2018/fil18032.html

June 7, 2018 - Statistical Release - Mortgage Debt Outstanding.  www.federalreserve.gov/data/mortoutstand/current.htm

June 7, 2018 - Federal Reserve Board announces schedule for results from Dodd-Frank Act stress tests and Comprehensive Capital Analysis and Review - esults from the latest supervisory stress tests conducted as part of the Dodd-Frank Act will be released on Thursday, June 21, and the results from the related Comprehensive Capital Analysis and Review will be released on Thursday, June 28, the Federal Reserve Board announced on Thursday. www.federalreserve.gov/newsevents/pressreleases/bcreg20180607a.htm
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June 7, 2018 - OCC to Host Innovation Office Hours in Denver - The Office of the Comptroller of the Currency today announced it will hold Innovation Office Hours, August 7 and August 9, in Denver to promote responsible innovation in the federal banking system. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-59.html

June 7, 2018 - Newly Formed Money Smart Advance Team Will Get Early Access to, Training on, Updated Money Smart for Adults - The FDIC has formed the new Money Smart Advance Team. Banks that engage in financial education activities, or plan to do so, and who join the MSAT will get an early look at the updated instructor-led Money Smart for Adults curriculum, scheduled for release in September, and other benefits. www.fdic.gov/news/news/financial/2018/fil18032.html

June 7, 2018 - Notice of Open Board Meeting - An Open Board meeting of the Board of Governors of the Federal Reserve System will be held at 2:30 p.m. on June 14, 2018. Matter(s) considered: Final rule to establish single-counterparty credit limits for large U.S. bank holding companies and foreign banking organizations and related regulatory reporting proposal. www.federalreserve.gov/aboutthefed/boardmeetings/20180614open.htm

June 7, 2018 - Statistical Release - Financial Accounts of the United States - Z.1 - he Financial Accounts of the United States includes data on transactions and levels of financial assets and liabilities, by sector and financial instrument; full balance sheets, including net worth, for households and nonprofit organizations, nonfinancial corporate businesses, and nonfinancial noncorporate businesses; Integrated Macroeconomic Accounts; and additional supplemental detail. www.federalreserve.gov/releases/z1/current/default.htm

June 6, 2018 - NCUA Releases Q1 2018 Credit Union System Performance Data - Data on the financial performance of federally insured credit unions in the quarter ending March 31, 2018, are now available from the National Credit Union Administration. www.ncua.gov/newsroom/Pages/news-2018-june-ncua-releases-q1-credit-union-system-performance-data.aspx

June 6, 2018 - OCC Issues Third and Fourth Quarter 2018 CRA Evaluation Schedule - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act evaluations to be conducted in the third and fourth quarters of 2018. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-58.html

June 6, 2018 - Bao Nguyen and Ted Dowd Named Deputy Chief Counsels - The Office of the Comptroller of the Currency today announced the selection of Bao Nguyen and Ted Dowd to serve as Deputy Chief Counsels. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-57.html

June 6, 2018 - LMCI suggest the level of activity increased modestly and momentum remained high in May - The Kansas City Fed Labor Market Conditions Indicators suggest the level of activity increased modestly and momentum remained high in May. www.kansascityfed.org/~/media/files/publicat/research/indicatorsdata/lmci/2018/lmci_060618.pdf

June 6, 2018 - Report to the Congress - Annual Report 2017 - Report on operations of the Board during the year. Provides minutes of Federal Open Market Committee meetings, financial statements of the Board and combined financial statements of the Reserve Banks, financial statements for Federal Reserve priced services, information on other services provided by the Reserve Banks, directories of Federal Reserve officials and advisory committees, statistical tables, and maps showing the System's District and Branch boundaries. www.federalreserve.gov/publications/annual-report.htm

June 6, 2018 - Fedwire Funds Services, Fedwire Securities Services, and National Settlement Service quarterly data.  www.federalreserve.gov/paymentsystems.htm

June 6, 2018 - Federal Reserve Board announces approval of application by TriCo Bancshares - The Federal Reserve Board on Wednesday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by TriCo Bancshares, Chico, California, to merge with FNB Bancorp and thereby indirectly acquire FNB Bancorp's subsidiary bank, First National Bank of Northern California, both of South San Francisco, California. www.federalreserve.gov/newsevents/pressreleases/orders20180606a.htm

June 5, 2018 - Agencies Ask for Public Comment on Proposal to Simplify and Tailor "Volcker Rule" - Five federal financial regulatory agencies on Tuesday announced that they are jointly asking for public comment on a proposal that would simplify and tailor compliance requirements relating to the �Volcker rule.� www.occ.gov/news-issuances/news-releases/2018/nr-ia-2018-56.html

June 5, 2018 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in March 2018. www.fdic.gov/news/news/press/2018/pr18035.html

June 5, 2018 - Jelena McWilliams Sworn in as the 21st Chairman of the FDIC - Jelena McWilliams was sworn in today as the 21st Chairman of the Federal Deposit Insurance Corporation. She succeeds Martin J. Gruenberg, who has served on the FDIC Board since August 22, 2005, as Vice Chairman and Acting Chairman before becoming Chairman on November 29, 2012. www.fdic.gov/news/news/press/2018/pr18034.html

June 5, 2018 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 11:15 a.m. on June 4, 2018. Matter(s) considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20180604closed.htm

June 4, 2018 - Solid but Moderating Economic Growth Expected Through 2019, Chicago Fed Automotive Outlook Symposium Participants Say - The 25th annual Automotive Outlook Symposium was held in Detroit on Friday, June 1, and drew more than 40 participants from the manufacturing and banking industries, as well as consulting and service firms and academia. www.chicagofed.org/~/media/others/events/2018/automotive-outlook-symposium/aos-press-release-pdf.pdf

June 4, 2018 - St. Louis Fed to Demonstrate Interactive Community Investment Tools - Did you know that Cincinnati has received more than seven times the amount of affordable housing investment from Community Development Financial Institutions as Louisville? www.stlouisfed.org/news-releases/2018/06/04/st-louis-fed-to-demonstrate-interactive-community-investment-tools

June 4, 2018 - Volcker Rule: Prohibitions on Proprietary Trading and Certain Relationships with Hedge Funds or Private Equity Funds - The Federal Deposit Insurance Corporation, Federal Reserve Board, Office of the Comptroller of the Currency, Securities and Exchange Commission, and Commodity Futures Trading Commission have requested comment on a proposal that would amend the Volcker Rule to provide banking entities with clarity about what activities are prohibited, improve supervision and implementation of the Rule, and simplify compliance. www.fdic.gov/news/news/financial/2018/fil18031.html

June 4, 2018 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 11:15 a.m. on June 4, 2018. Matter(s) considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20180604closed.htm

June 1, 2018 - NCUA - Board Approves Changes to Member Business Lending Rule - Removal of Occupancy Requirement for 1-to-4-Unit Dwellings Takes Loans Out from Under Lending Cap - Federally insured credit unions will no longer have to count loans made on any 1-to-4-unit family dwellings as member business loans after a vote by the National Credit Union Administration Board.  https://www.ncua.gov/newsroom/Pages/news-2018-june-board-approves-changes-member-business-lending-rule.aspx

June 1, 2018 - OCC Releases CRA Evaluations for 32 National Banks and Federal Savings Associations - The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act performance evaluations that became public during the period of May 1, 2018 through May 31, 2018. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-55.html

June 1, 2018 - Joint Final Rule: Securities Transaction Settlement Cycle - On May 31, 2018, the FDIC Board of Directors approved the attached final rule, issued jointly with the Office of the Comptroller of the Currency, to shorten the standard settlement cycle for securities purchased or sold by FDIC-supervised institutions, national banks, and federal savings associations from three days to the number of business days in the standard settlement cycle followed by registered broker dealers in the United States.  www.fdic.gov/news/news/financial/2018/fil18030.html 

June 1, 2018 - Joint Release/Agencies Issue Final Rulemaking to Shorten Settlement Cycle - The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation today issued a final rule to shorten the standard settlement cycle for securities purchased or sold by OCC-supervised and FDIC-supervised institutions.
Press Release: www.fdic.gov/news/news/press/2018/pr18033.html 
Press Release: www.occ.gov/news-issuances/news-releases/2018/nr-ia-2018-54.html

June 1, 2018 - Efficient Mismatch - David M. Arseneau and Brendan Epstein - This paper presents a model in which mismatch employment arises in a constrained efficient equilibrium. In the decentralized economy, however, mismatch gives rise to a congestion externality whereby heterogeneous job seekers fail to internalize how their individual actions affect the labor market outcomes of competitors in a common unemployment pool. www.federalreserve.gov/econres/feds/files/2018037pap.pdf

June 1, 2018 - How Does Intergenerational Wealth Transmission Affect Wealth Concentration? - Laura Feiveson and John Sabelhaus - Wealth concentration is high and rising in the US, reigniting an old debate within economics about the role that intergenerational wealth transmission plays in understanding savings and wealth accumulation. www.federalreserve.gov/econres/notes/feds-notes/how-does-intergenerational-wealth-transmission-affect-wealth-concentration-20180601.htm

June 1, 2018 - FOIA Chairman Powell's calendar, April 2018.  www.federalreserve.gov/foia/chairmanscalendar-042018.htm

June 1, 2018 - Statistical Release - Industrial Production and Capacity Utilization - G.17, Technical Q&As update - his page provides additional information about data in the Board of Governors' statistical release on Industrial Production and Capacity Utilization.  www.federalreserve.gov/releases/g17/g17_technical_qa.htm

June 1, 2018 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 9:00 a.m. on June 5, 2018. Matter(s) considered: Periodic Supervisory Update.  www.federalreserve.gov/aboutthefed/boardmeetings/20180605closed.htm

June 1, 2018 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

June 1, 2018 - Statistical Release - Foreign Exchange Rates - G.5 - The table below shows the average rates of exchange in MAY 2018 together with comparable figures for other months. www.federalreserve.gov/releases/g5/current/default.htm

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